Q1 Net Revenues Increased 22%; Comparable Brand Revenue Growth of 18%;
Adjusted Diluted EPS Increased 200% to $0.18
Company Increases Fiscal 2014 Guidance to Net Revenue Growth Between 20%
and 22% from 18% to 20%, Adjusted Diluted EPS Guidance to Range of $2.24 to
$2.30 from $2.14 to $2.22
CORTE MADERA, Calif.--(BUSINESS WIRE)-- Restoration Hardware Holdings,
Inc. (NYSE: RH) today announced financial results for the first quarter ended
May 3, 2014.
First Quarter Highlights
-- Net revenues increased 22% on top of a 38% increase for the same period
last year
-- Comparable brand revenue growth was 18% on top of 39% for the same
period last year
-- Adjusted operating income increased 204% to $14.0 million; GAAP
operating income of $4.8 million compared to $0.5 million for the same
period last year
-- Adjusted net income increased 217% to $7.2 million; GAAP net income of
$1.8 million compared to a net loss of $0.2 million for the same period
last year
-- Adjusted diluted EPS increased 200% to $0.18; GAAP diluted EPS of $0.04
compared to break-even for the same period last year
Gary Friedman, Chairman and Chief Executive Officer, commented, "RH
continued to outperform the home furnishings industry by a wide margin in the
first quarter of 2014. Net revenues increased 22% on top of a 38% increase last
year. Comparable brand revenues increased 18% on top of 39% last year -
representing an industry-leading 57% increase over the two year period. These
results are even more impressive considering the fact that we eliminated the
mailing of our Fall 2013 Source Book. Additionally, we grew adjusted net income
by 217% to $7.2 million and adjusted EPS grew 200% to $0.18, demonstrating
the disruptive nature of the RH brand and the power of our multi-channel
business model."
Mr. Friedman added, "The business momentum and strong trends we are seeing
thus far in 2014 give us further confidence in our financial outlook for the
year. We are increasing our net revenue guidance for 2014 to grow in the range
of 20% to 22%, and expect adjusted net income to grow in the range of 33% to
37%."
Mr. Friedman concluded, "Looking forward, we remain focused on our key
value-driving strategies including the expansion of our product offer and the
transformation of our retail stores. While we are still in the early stages of
reading the results of our 2014 Source Books, we are very pleased with the
initial response to our new products, and continue to believe that the design
and presentation of these new books will be transformative to our business.
Regarding our real estate transformation, we recently opened our newest Full
Line Design Gallery at The Historic Post Office in Greenwich, Connecticut and
the early reads have been outstanding. We remain on track to open a new larger
Full Line Design Gallery in Los Angeles on Melrose Avenue and our first
next-generation Full Line Design Gallery in Atlanta later this year.
Additionally, we are expanding the size of our New York Gallery, adding two
additional floors to the top performing store in the Company. We now have signed
leases for six next-generation Full Line Design Galleries and are in
negotiations for more than 25 additional locations. Once our real estate
transformation is complete in North America, we believe we will deliver $4
billion to $5 billion in annual sales, achieve mid-teens operating margins, and
generate significant free cash flow."
First Quarter Fiscal 2014 Financial Results
Revenue - Net revenues for the first quarter of fiscal 2014 increased 22%
to $366.3 million from $301.3 million in the first quarter of fiscal 2013.
-- Comparable brand revenue growth, which includes direct, increased 18% in
the first quarter of fiscal 2014 on top of a 39% increase last year.
-- As of May 3, 2014, the Company operated a total of 69 retail stores,
consisting of 61 Galleries, 5 Full Line Design Galleries and 3 Baby &
Child Galleries, as well as 17 outlet stores throughout the United
States and Canada. This compares to a total of 70 retail stores,
consisting of 62 Galleries, 5 Full Line Design Galleries and 3 Baby &
Child Galleries, as well as 14 outlet stores throughout the United
States and Canada at the end of the first quarter of fiscal 2013.
-- Direct revenues increased 24% to $176.4 million for the first quarter of
fiscal 2014. This growth is on top of a 38% increase in direct revenues
for the first quarter of fiscal 2013.
Operating Income (Loss)* - Adjusted operating income for the first quarter
of fiscal 2014 increased 204% to $14.0 million compared to $4.6 million in
the first quarter of fiscal 2013. Including the impact of non-recurring and
other items, GAAP operating income was $4.8 million compared to $0.5 million
for the prior year period.
Net Income (Loss)* - Adjusted net income for the first quarter of fiscal
2014 increased 217% to $7.2 million from $2.3 million in the first quarter
of fiscal 2013. Adjusted net income excludes the impact of non-recurring and
other items and is calculated using a 40% effective tax rate. GAAP net income
during the first quarter of fiscal 2014 was $1.8 million compared to a net
loss of $0.2 million for the prior year period.
Earnings Per Share* - Adjusted diluted EPS for the first quarter of fiscal
2014 increased 200% to $0.18 from $0.06 during the prior year period.
Including the impact of non-recurring and other items, GAAP diluted EPS during
the first quarter of fiscal 2014 was $0.04 compared to break-even for the
prior year period.
A reconciliation of GAAP to non-GAAP financial measures is provided in the
tables accompanying this release.
Outlook
The Company is providing the following guidance for the second quarter of
fiscal 2014:
-- Net revenues in the range of $443 million to $453 million
-- Adjusted net income in the range of $25.4 million to $26.2 million
-- Adjusted diluted EPS in the range of $0.62 to $0.64
-- Diluted shares outstanding of approximately 41 million
The Company is increasing its guidance for the fiscal year ending January
31, 2015 as follows:
-- Net revenues in the range of $1.86 billion to $1.89 billion
-- Adjusted net income in the range of $91.9 million to $94.3 million
-- Adjusted diluted EPS in the range of $2.24 to $2.30
-- Diluted shares outstanding of approximately 41 million
Note: The Company's adjusted net income and adjusted diluted earnings per
share guidance does not include certain charges and costs, such as for unusual
items which may occur in the future, and which are expected to be similar in
future periods to the kinds of charges and costs excluded from adjusted net
income and adjusted diluted earnings per share in prior quarters.
Conference Call and Webcast Information
Restoration Hardware Holdings, Inc. will host a conference call at 2:00
p.m. PT (5:00 p.m. ET) today to discuss its first quarter fiscal 2014 results.
Interested parties may access the call by dialing (866) 394-6658 (United
States/Canada) or (706) 679-9188 (International). A live broadcast of
Restoration Hardware Holdings' quarterly conference call will also be available
online at the Company's website www.rh.com under Investor Relations. A replay of
the conference call will be available through June 25th by dialing (855)
859-2056 or (404) 537-3406 and entering passcode 53744982, as well as on the
Company's investor relations website.
About Restoration Hardware Holdings, Inc.
RH (Restoration Hardware Holdings, Inc. - NYSE:RH) is a curator of design,
taste and style in the luxury lifestyle market. The Company offers collections
through its retail galleries, Source Books, and online at RH.com.
*Non-GAAP Financial Measures
To supplement its condensed consolidated financial statements, which are
prepared and presented in accordance with Generally Accepted Accounting
Principles ("GAAP"), the Company uses the following non-GAAP financial measures:
adjusted operating income, adjusted net income, adjusted EPS, and adjusted
diluted EPS (collectively, "non-GAAP financial measures"). We compute these
measures by adjusting the applicable GAAP measures to remove the impact of
certain recurring and non-recurring charges and gains and the tax effect of
these adjustments. The presentation of this financial information is not
intended to be considered in isolation or as a substitute for, or superior to,
the financial information prepared and presented in accordance with GAAP. The
Company uses these non-GAAP financial measures for financial and operational
decision making and as a means to evaluate period-to-period comparisons. The
Company believes that they provide useful information about operating results,
enhance the overall understanding of past financial performance and future
prospects, and allow for greater transparency with respect to key metrics used
by management in its financial and operational decision making. The non-GAAP
financial measures used by the Company in this press release may be different
from the methods used by other companies.
For more information on the non-GAAP financial measures, please see the
Reconciliation of GAAP to non-GAAP Financial Measures tables in this press
release. These accompanying tables include details on the GAAP financial
measures that are most directly comparable to non-GAAP financial measures and
the related reconciliations between these financial measures. With respect to
the Company's non-GAAP guidance for the second fiscal quarter and the full
fiscal year 2014, the Company is not able to provide a reconciliation of the
non-GAAP financial measures to GAAP because it does not provide specific
guidance for the various non-recurring and recurring reconciling items such as
non-cash and other one-time compensation, one-time income tax expense (benefit),
and legal claim related expenses, among others. Certain items that impact these
measures have not yet occurred, are out of the Company's control and/or cannot
be reasonably predicted, and as a result, reconciliation of the non-GAAP
guidance measures to GAAP is not available without unreasonable effort.
Forward-Looking Statements
This release contains forward-looking statements within the meaning of the
federal securities laws including statements related to our future financial
guidance, including for the second fiscal quarter of 2014 and the fiscal year
ending January 31, 2015; our key value-driving strategies, including the
expansion of our product offer and the transformation of our retail stores; our
belief that the design and presentation of the new Source Books will be
transformative to our business; the early reads with respect to our newest Full
Line Design Gallery at The Historic Post Office in Greenwich, Connecticut; the
timing of opening of a new Gallery in Los Angeles on Melrose Avenue and our
first next-generation Full Line Design Gallery in Atlanta; the expansion of the
size of our New York Gallery; and our belief that once our real estate
transformation is complete in North America, we will deliver $4 billion to $5
billion in annual sales, achieve mid-teens operating margins, and generate
significant free cash flow. You can identify forward-looking statements by the
fact that they do not relate strictly to historical or current facts. These
statements may include words such as "anticipate," "estimate," "expect,"
"project," "plan," "intend," "believe," "may," "will," "should," "likely" and
other words and terms of similar meaning in connection with any discussion of
the timing or nature of future events. We cannot assure you that future
developments affecting us will be those that we have anticipated. Important
risks and uncertainties that could cause actual results to differ materially
from our expectations include, among others, our ability to retain key
personnel; successful implementation of our growth strategy; general economic
conditions and the impact on consumer confidence and spending; changes in
customer demand for our products; our ability to anticipate consumer preferences
and buying trends; changes in consumer spending based on weather and other
conditions beyond our control; risks related to the number of new business
initiatives we are undertaking; our ability to obtain our products in a timely
fashion or in the quantities required; our ability to employ reasonable and
appropriate security measures to protect personal information that we collect;
risks related to "conflict minerals" compliance and its impact on sourcing, if
any, as well as those risks and uncertainties disclosed under the sections
entitled "Risk Factors" and "Management's Discussion and Analysis of Financial
Condition and Results of Operations" in Restoration Hardware Holdings' Form 10-K
filed with the Securities and Exchange Commission on March 31, 2014, and similar
disclosures in subsequent reports filed with the SEC, which are available on our
investor relations website at ir.restorationhardware.com and on the SEC website
at www.sec.gov. Any forward-looking statement made by us in this press release
speaks only as of the date on which we make it. We undertake no obligation to
publicly update any forward-looking statement, whether as a result of new
information, future developments or otherwise, except as may be required by any
applicable securities laws.
RESTORATION HARDWARE HOLDINGS, INC.
FINANCIAL STATEMENTS AND RELATED INFORMATION
TABLE OF CONTENTS
Page 6. Condensed Consolidated Statements of Operations
Page 7. Condensed Consolidated Balance Sheets
Page 8. Condensed Consolidated Statements of Cash Flows
Page 9. Operating Metrics and Other Data
Page 10. Reconciliation of Adjusted Income Statement Items
Page 11. Reconciliation of Net Income (Loss) to Operating Income and Adjusted
Operating Income
Page 12. Reconciliation of GAAP Net Income (Loss) to Adjusted Net Income
Page 13. Reconciliation of Diluted Net Income (Loss) Per Share to Adjusted
Diluted Net Income Per Share
RESTORATION HARDWARE HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share amounts)
(Unaudited)
Three Months Ended
May 3, % of May 4, % of
2014 Net 2013 Net
Revenues Revenues
Net revenues $ 366,254 100.0 % $ 301,337 100.0 %
Cost of goods sold 241,905 66.0 % 199,460 66.2 %
Gross profit 124,349 34.0 % 101,877 33.8 %
Selling, general and administrative expenses 119,571 32.7 % 101,366 33.6 %
Income from operations 4,778 1.3 % 511 0.2 %
Interest expense (2,056 ) -0.6 % (840 ) -0.3 %
Income (loss) before income taxes 2,722 0.7 % (329 ) -0.1 %
Income tax expense (benefit) 927 0.2 % (168 ) -0.1 %
Net income (loss) $ 1,795 0.5 % $ (161 ) -- %
Weighted-average shares used in computing basic net income (loss) per share 39,152,923 38,076,026
Weighted-average shares used in computing diluted net income (loss) per share 40,787,726 38,076,026
Basic net income (loss) per share $ 0.05 $ --
Diluted net income (loss) per share $ 0.04 $ --
RESTORATION HARDWARE HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
May 3, February 1, May 4,
2014 2014 2013
ASSETS
Cash and cash equivalents $ 10,942 $ 13,389 $ 9,669
Merchandise inventories 483,530 453,845 365,716
Other current assets 167,194 146,581 176,053
Total current assets 661,666 613,815 551,438
Property and equipment--net 241,053 214,909 123,091
Goodwill and other intangibles 173,372 171,132 172,125
Other assets 23,865 25,247 12,968
Total assets $ 1,099,956 $ 1,025,103 $ 859,622
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Accounts payable and accrued expenses $ 215,381 $ 206,778 $ 179,420
Other current liabilities 87,303 110,670 75,761
Total current liabilities 302,684 317,448 255,181
Revolving line of credit 149,146 85,425 113,994
Other long-term liabilities 105,899 76,958 35,397
Total liabilities 557,729 479,831 404,572
Stockholders' equity 542,227 545,272 455,050
Total liabilities and stockholders' equity $ 1,099,956 $ 1,025,103 $ 859,622
RESTORATION HARDWARE HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Three Months Ended
May 3, May 4,
2014 2013
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss) $ 1,795 $ (161 )
Adjustments to reconcile net income (loss) to net
cash used in operating activities:
Depreciation and amortization 7,640 6,630
Stock-based compensation expense 2,231 3,631
Other non-cash items (5,196 ) 168
Change in assets and liabilities:
Merchandise inventories (29,631 ) (12,437 )
Accounts payable, accrued expenses, and other (34,058 ) (17,454 )
Net cash used in operating activities (57,219 ) (19,623 )
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures (16,515 ) (9,737 )
Net cash used in investing activities (16,515 ) (9,737 )
CASH FLOWS FROM FINANCING ACTIVITIES
Net borrowings under revolving line of credit 63,721 31,493
Payments on capital leases (985 ) (840 )
Stock options exercised 3,500 --
Excess tax benefit from exercise of stock options 5,364 --
Tax withholdings related to issuance of stock-based (317 ) --
awards
Net cash provided by financing activities 71,283 30,653
Effects of foreign currency exchange rate 4 22
translation
Net increase (decrease) in cash and cash equivalents (2,447 ) 1,315
Cash and cash equivalents
Beginning of period 13,389 8,354
End of period $ 10,942 $ 9,669
RESTORATION HARDWARE HOLDINGS, INC.
OPERATING METRICS AND OTHER DATA
(Unaudited)
Three Months
Ended
May 3, May 4,
2014 2013
Growth in net revenues:
Stores [a] 19 % 39 %
Direct 24 % 38 %
Total 22 % 38 %
Comparable brand revenue growth [b] 18 % 39 %
Retail:[c]
Retail stores open at beginning of period 70 71
Stores opened -- 2
Stores closed 1 3
Retail stores open at end of period 69 70
Retail sales per leased selling square foot [d] $ 298 $ 284
Total leased square footage at end of period (in thousands) 792 796
Total leased selling square footage at end of period (in thousands) [e] 548 521
Average leased square footage (in thousands) [f] 795 783
Average leased selling square footage (in thousands) [f] 551 510
Direct:
Direct as a percentage of net revenues [g] 48 % 47 %
[a] Store data represents retail stores plus outlet stores.
[b] Comparable brand revenue growth includes retail comparable store
sales, including Baby & Child Galleries, and direct net revenues. Comparable
brand revenue growth excludes retail non-comparable store sales and outlet store
net revenues. Comparable store sales have been calculated based upon retail
stores, excluding outlet stores, that were open at least fourteen full months as
of the end of the reporting period and did not change square footage by more
than 20% between periods. If a store is closed for seven days during a month,
that month will be excluded from comparable store sales.
[c] Retail data has been calculated based upon retail stores, which
includes our Baby & Child Galleries and excludes outlet stores.
[d] Retail sales per leased selling square foot is calculated by dividing
total net revenues for all retail stores, comparable and non-comparable, by the
average leased selling square footage for the period.
[e] Leased selling square footage is retail space at our stores used to
sell our products. Leased selling square footage excludes backrooms at retail
stores used for storage, office space or similar matters. Leased selling square
footage excludes exterior sales space located outside a store, such as
courtyards, gardens and rooftops. Leased selling square footage includes
approximately 4,500 square feet related to one owned store location.
[f] Average square footage (leased or leased selling, as applicable) is
calculated by taking the total applicable square footage at the beginning of the
quarter plus the total applicable square footage at the end of the quarter and
dividing by two.
[g] Direct revenues include sales through our catalogs and websites.
RESTORATION HARDWARE HOLDINGS, INC.
RECONCILIATION OF ADJUSTED INCOME STATEMENT ITEMS
(In thousands, except share and per share amounts)
(Unaudited)
Three Months Ended
Reported Adjusted % of Reported Adjusted % of
May 3, Adjustments May 3, Net May 4, Adjustments May 4, Net
2014 2014 Revenues 2013 2013 Revenues
Net revenues $ 366,254 $ -- $ 366,254 100.0 % $ 301,337 $ -- $ 301,337 100.0 %
Cost of goods sold 241,905 -- 241,905 66.0 % 199,460 -- 199,460 66.2 %
Gross profit 124,349 -- 124,349 34.0 % 101,877 -- 101,877 33.8 %
Selling, general and administrative expenses [a] 119,571 (9,200 ) 110,371 30.1 % 101,366 (4,090 ) 97,276 32.3 %
Income from operations 4,778 9,200 13,978 3.9 % 511 4,090 4,601 1.5 %
Interest expense (2,056 ) -- (2,056 ) -0.6 % (840 ) -- (840 ) -0.3 %
Income (loss) before income taxes 2,722 9,200 11,922 3.3 % (329 ) 4,090 3,761 1.2 %
Income tax expense (benefit) [b] 927 3,842 4,769 1.3 % (168 ) 1,672 1,504 0.5 %
Net income (loss) [c] $ 1,795 $ 5,358 $ 7,153 2.0 % $ (161 ) $ 2,418 $ 2,257 0.7 %
Weighted-average shares used in computing basic net income (loss) per share 39,152,923 39,152,923 38,076,026 38,076,026
Weighted-average shares used in computing diluted net income (loss) per share 40,787,726 40,787,726 38,076,026 38,671,785
Basic net income (loss) per share $ 0.05 $ 0.18 $ -- $ 0.06
Diluted net income (loss) per share $ 0.04 $ 0.18 $ -- $ 0.06
[a] The adjustments for selling, general and administrative expenses
include certain charges incurred in connection with a legal claim, non-cash
compensation and follow-on offering fees. See table titled "Reconciliation of
GAAP Net Income (Loss) to Adjusted Net Income" for additional details.
[b] Assumes a normalized tax rate of 40% for both periods presented. See
table titled "Reconciliation of GAAP Net Income (Loss) to Adjusted Net Income"
for additional details.
[c] Adjusted net income is a supplemental measure of financial performance
that is not required by, or presented in accordance with, GAAP. We define
adjusted net income as consolidated net income (loss) less non-recurring and
other items. Adjusted net income is included in this press release because
management believes that adjusted net income provides meaningful supplemental
information for investors regarding the performance of our business and
facilitates a meaningful evaluation of actual results on a comparable basis with
historical results. Our management uses this non-GAAP financial measure in order
to have comparable financial results to analyze changes in our underlying
business from quarter to quarter.
RESTORATION HARDWARE HOLDINGS, INC.
RECONCILIATION OF NET INCOME (LOSS) TO OPERATING
INCOME
AND ADJUSTED OPERATING INCOME
(In thousands)
(Unaudited)
Three Months Ended
May 3, May 4,
2014 2013
Net income (loss) $ 1,795 $ (161 )
Interest expense 2,056 840
Income tax expense (benefit) 927 (168 )
Operating income 4,778 511
Legal claim [a] 9,200 --
Non-cash compensation [b] -- 3,323
Follow-on offering fees [c] -- 767
Adjusted operating income $ 13,978 $ 4,601
[a] Represents charges incurred in connection with a legal claim alleging
that the Company violated California's Song-Beverly Credit Card Act of 1971 by
requesting and recording ZIP codes from customers paying with credit cards.
[b] Represents a non-cash compensation charge related to the
performance-based vesting of certain shares granted to Mr. Friedman.
[c] Represents legal and other professional fees incurred in connection
with our May 2013 follow-on offering.
RESTORATION HARDWARE HOLDINGS, INC.
RECONCILIATION OF GAAP NET INCOME (LOSS) TO ADJUSTED NET
INCOME
(In thousands)
(Unaudited)
Three Months Ended
May 3, May 4,
2014 2013
GAAP net income (loss) $ 1,795 $ (161 )
Adjustments (pre-tax):
Legal claim [a] $ 9,200 $ --
Non-cash compensation [b] -- 3,323
Follow-on offering fees [c] -- 767
Subtotal adjusted items 9,200 4,090
Impact of income tax items [d] (3,842 ) (1,672 )
Adjusted net income [e] $ 7,153 $ 2,257
[a] Represents charges incurred in connection with a legal claim alleging
that the Company violated California's Song-Beverly Credit Card Act of 1971 by
requesting and recording ZIP codes from customers paying with credit cards.
[b] Represents a non-cash compensation charge related to the
performance-based vesting of certain shares granted to Mr. Friedman.
[c] Represents legal and other professional fees incurred in connection
with our May 2013 follow-on offering.
[d] Assumes a normalized tax rate of 40% for both periods presented.
[e] Adjusted net income is a supplemental measure of financial performance
that is not required by, or presented in accordance with, GAAP. We define
adjusted net income as consolidated net income (loss) less non-recurring and
other items. Adjusted net income is included in this press release because
management believes that adjusted net income provides meaningful supplemental
information for investors regarding the performance of our business and
facilitates a meaningful evaluation of actual results on a comparable basis with
historical results. Our management uses this non-GAAP financial measure in order
to have comparable financial results to analyze changes in our underlying
business from quarter to quarter.
RESTORATION HARDWARE HOLDINGS, INC.
RECONCILIATION OF DILUTED NET INCOME (LOSS) PER SHARE TO
ADJUSTED DILUTED NET INCOME PER SHARE
(Unaudited)
Three Months Ended
May 3, May 4,
2014 2013
Diluted net income (loss) per share $ 0.04 $ --
EPS impact of adjustments (pre-tax):
Legal claim [a] $ 0.23 $ --
Non-cash compensation [b] -- 0.09
Follow-on offering fees [c] -- 0.02
Subtotal adjusted items 0.23 0.11
Impact of income tax items [d] (0.09 ) (0.05 )
Adjusted diluted net income per share [e] $ 0.18 0.06
[a] Represents charges incurred in connection with a legal claim alleging
that the Company violated California's Song-Beverly Credit Card Act of 1971 by
requesting and recording ZIP codes from customers paying with credit cards.
[b] Represents a non-cash compensation charge related to the
performance-based vesting of certain shares granted to Mr. Friedman.
[c] Represents legal and other professional fees incurred in connection
with our May 2013 follow-on offering.
[d] Assumes a normalized tax rate of 40% for both periods presented.
[e] Adjusted diluted net income per share is a supplemental measure of
financial performance that is not required by, or presented in accordance with,
GAAP. We define adjusted diluted net income per share as consolidated net income
(loss) less non-recurring and other items divided by the Company's share count.
Adjusted diluted net income per share is included in this press release because
management believes that adjusted diluted net income per share provides
meaningful supplemental information for investors regarding the performance of
our business and facilitates a meaningful evaluation of actual results on a
comparable basis with historical results. Our management uses this non-GAAP
financial measure in order to have comparable financial results to analyze
changes in our underlying business from quarter to quarter.
CONTACT: Restoration Hardware Holdings, Inc.
Cammeron McLaughlin, 415-945-4998
VP, Investor Relations
cmclaughlin@rh.com
Source: Restoration Hardware Holdings, Inc.
Company Symbols: NYSE:RH
Subject Codes: PC/t.140611160500227 PT/lang.en IN/luxury IN/home_goods IN/retail
SU/earnings SU/conference_call SU/webcast RE/united_states
RE/north_america RE/california RE/ca IC/ecal.appl IC/ecal
IC/retl.elec IC/retl NI/Household NI/Retail LC/US
CT/ebf.bus.ebc.mtg CT/ebf.bus.ebc CT/ebf.bus CT/ebf.fin.rep.ern
CT/ebf.fin.rep CT/ebf.fin CT/ebf NT/Ccall NT/Earn.Release NT/Earn
XC/NYSE XC/any.US.equity XC/any.US.major XC/any.US XC/any.company
XC/any.public LC/ca LC/us LR/am LR/nam LU/us.ca.corera
LU/us.ca.losang LU/us.ca LU/us.ct.greich LU/us.ct LU/us.ga.atlnta
LU/us.ga LU/us CT/ebf.bus.dev.cac CT/ebf.bus.dev
NT/Analyst_Ratings NT/Calendar NT/Corporate_Action NT/Earn.Guide
NT/Earnings XC/any
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